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Technical analysis for the AUDUSD on 10.11.2015

The AUDUSD keeps consolidating below 0.7070 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 0.7125
Min. 0.6935

audusd

The AUD’s decline last week allowed bears to escape from the medium-term ascending channel and hold below tough support of 0.7070.

Level 0.7070 is currently acting as strong resistance. The re-test of this level is followed by consolidation. The longer it lasts, the bigger is the possibility of the rebound down.

Potential decline target is situated at the round support of 0.7000. If bears manage to push the price lower, the next target will be found at 0.6935 support.

Alternative scenario:  

Long consolidation below 0.7070 resistance. False breakouts and the test of the upper border of the descending channel at 0.7100 (dashed line) is also probable.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!

The AUDUSD keeps consolidating below 0.7070 resistance

Direction Period Expected price movement Price movement corridor
↓↑ 1 day ≈ 130 pips Max. 0.7125
Min. 0.6935

audusd

The AUD’s decline last week allowed bears to escape from the medium-term ascending channel and hold below tough support of 0.7070.

Level 0.7070 is currently acting as strong resistance. The re-test of this level is followed by consolidation. The longer it lasts, the bigger is the possibility of the rebound down.

Potential decline target is situated at the round support of 0.7000. If bears manage to push the price lower, the next target will be found at 0.6935 support.

Alternative scenario:  

Long consolidation below 0.7070 resistance. False breakouts and the test of the upper border of the descending channel at 0.7100 (dashed line) is also probable.

 

Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers. Thank you!



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